Archive for the ‘Queenstown Lakes Property Market Factsheet’ Category

The Queenstown Lakes Property Market factsheet for July 2010 can be downloaded by clicking this icon.

Property prices in the Central Otago Lakes district slipped in June from $432,000 in May to $415,000. As compared to a year ago prices in the region are down by 5.4%.

Property sales in the region rose significantly in June on a seasonally adjusted basis by 55%. There were 85 properties sold in June up from 67 in May. Despite the rise in June, total sales in the first 6 months of 2010 were down 3.5% with 496 property sales which compares to 514 in the first half of 2009.

Inventory of houses on the market rose again in June following a dip in May, this despite the rise in sales volumes. In June the inventory level was 113 weeks of equivalent sales as compared to 97 weeks in May. This June level of inventory is still close to the long term average of 91 weeks. This would indicate that the market is fairly well balanced between buyers and sellers.

Property prices in the Central Otago Lakes district remained stable in May at $432,000, up $2,500 on the April median price. As compared to a year ago prices in the region are up by just 1.1%.

Property sales in the region fell in May with 69 sales as measured on a seasonally adjusted basis, as compared to 92 in April. The first 5 months of 2010 has seen a total of 372 sales down 6% on the same period in 2009.

Inventory of houses on the market fell significantly in May from the peak of 126 weeks of equivalent sales in April to 97 weeks in May. This May inventory of 97 weeks of equivalent sales is pretty much in line with the long term average of 91 weeks. This would indicate that the market is fairly well balanced between buyers and sellers.